单选题 Changes in a bond's cash flows associated with changes in yield would be reflected in the bond's:

A、

A. modified duration.
B、

B. effective duration.
C、

C. macaulay duration.

【正确答案】 B

【答案解析】Effective duration and effective convexity capture the effects from changes in a bond's cash flows when the yield changes. For this reason, they are the appropriate measures of interest rate sensitivity for bonds with embedded options.